The World Bank's Pandemic Fund, designed to bolster pandemic preparedness in developing countries, has secured substantial contributions, with $667 million from the U.S. and $54 million from Germany. This influx of funds brings the total closer to the $2 billion target set for new funding.

The fund, established in September 2022, aims to prevent a recurrence of a crisis similar to COVID-19 and is scheduled to distribute a second round of grants later this year. The announcements were made during a Group of 20 (G20) meeting of finance ministers and central bankers.

"President Biden and I believe that a fully-resourced Pandemic Fund will enable us to better prevent, prepare for, and respond to pandemics," stated U.S. Treasury Secretary Janet Yellen. She urged existing and new donors to increase their contributions to meet the $2 billion goal. Priya Basu, the executive head of the Pandemic Fund, highlighted the necessity of sustained funding, stating, "To maintain momentum, the Pandemic Fund needs a minimum of $2 billion in new funding for the next two years – a small fraction of the global cost of responding to COVID-19."

Last year, the World Health Organization (WHO) and the World Bank estimated the need for $10.5 billion annually for pandemic preparedness. In 2023, the fund raised $2 billion in seed capital from 27 contributors. These funds have already been allocated to projects aimed at enhancing pandemic response capabilities in 37 countries across six regions.

The significant contributions from the United States and Germany mark a crucial step towards achieving the Pandemic Fund's financial goals, ensuring better preparedness and response mechanisms for future global health crises.